Prepaid card is payment card widely used by consumer where money is loaded into a card without being connecting to a bank account. There are various types of prepaid cards such as shopping cards, compensation cards, transportation cards, healthcare cards, etc. Prepaid card is an alternative to a traditional bank accounts and an effective way of managing money. Prepaid card is safer instead of carrying cash and is secure as it transactions are protected by PIN code.

Global Prepaid Cards Market: Dynamics

Increasing demand for prepaid cards as a substitute for traditional bank cards is a major factor expected to drive growth of the global prepaid card market.

In addition, growing uses of a prepaid card as it is secure, convenient way of payment, safe while traveling, theft protected, easy to use, and can be used globally are other major factors expected to drive growth of the global prepaid card market.

Moreover, increase preference among consumer towards prepaid cards as it is flexible and valuable, safe especially while traveling overseas, easy tracking by using software application and web-based programs, easy reloading of funds, and helps to avoid debt. Aforementioned are other major factors expected to drive growth of the global prepaid card market.

Furthermore, increasing use of prepaid cards in retail stores, commercial sectors, and financial institutions in turn is expected to increase adoption of prepare cards. This is another key factor expected to drive growth of the global prepaid card market.

However, lack of security hampers if the card is lost or stolen is a major factor expected to restrain growth of the global prepaid card market to certain extent.

Global Prepaid Cards Market: Segment Analysis

On the basis of card type, the single-purpose prepaid card segment is expected to contribute significant share in terms of revenue in the target market, owing to cardholder facilitate purchases at a single store, and easy availability of schemes and discounts over the single-purpose prepaid card.

On the basis of usage, the gift card segment is estimated to account for substantial revenue share in the global market in terms of revenue, owing increasing uses of online internet payment as it easy to access.

On the basis of industry vertical, retail establishment is expected to contribute significant share in terms of revenue in the target market, owing to growing demand as a substitutes cash or payment option.

Global Prepaid Cards Market: Regional Analysis

Asia Pacific prepaid cards market is expected to account for significant share in terms of revenue in the global market. Asia Pacific market is also projected to register fastest growth in terms of revenue over the next 10 years, owing to increasing demand as a cash alternative, increasing adoption of prepaid cards in government sectors and retails sectors, and other are other factors expected to drive growth of the global market over the forecast period.

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